Maintenance was formerly called alimony. Starting on January 1, 2014, Colorado's statute concerning maintenance will be changed. The judges will have a formula based on the number of years of marriage to determine the amount of post divorce maintenance. You should also consider asking that the court require your spouse to carry Life Insurance so that if he or she dies, you will not be at risk to lose out on maintenance (or child support). In a divorce, the court has authority to order husband to maintain his life insurance policy for benefit of his children. See In re Anderson's Marriage, App.1975, 541 P.2d 1274, 37 Colo.App. 55
A prenuptial agreement (pre-nup) or a postnuptial (antenuptial) agreement may substantially impact your property division, debt division, and an award of maintenance in a divorce. Here are some things you should know:
Most people think that all assets in the divorce process are divided exactly 50/50. However, property does not have to be divided equally, just equitably and justly. The relevant statute (Colorado Revised Statutes § 14-10-113. Disposition of property) says, in part:
There are two types of property in Colorado: 1) Separate Property and 2) Marital Property.
A very common error in divorce settlements is comparing pre-taxed assets to after-taxed assets or comparing assets that are immediately available to assets which are not. Consider all tax implications or you may not be receiving a fair settlement. Consult with your attorney and financial advisor.
There are many requirements for disclosing information in your divorce process. Missing one could be catastrophic when it comes to division of the assets in your final agreements. Read on to find some strategies to try and mistakes to avoid.
While it is possible to represent yourself in any court proceeding, it is not always advisable. There are many intricacies to the legal process that, if unknown, can cause you to leave your marriage and subsequent divorce in a compromised financial situation. The State of Colorado Judicial Website has over 150 forms used in the domestic law courts! That is a confusing road to navigate. Throw in the high emotional impact to your life and you aren't likely to be able to make the best choices for a good financial outcome.
If you are going through a divorce or legal separation in Colorado, there are a number of factors to consider in making sure that your assets and liabilities are fairly divided by the court. It is important, whether you have high income and substantial assets or not, that all your property and liabilities are fairly valued and equitably divided.
Although divorce seems common nowadays, the process is by no means simple. While the stress of a divorce can be reduced when couples decide to part amicably, there are still many who go through the process like they are walking on a tight rope without a net underneath. For divorcing couples in Colorado, this kind of situation presents the obvious choice to litigate. But, before doing so, couples should take certain things into consideration, since settling could still be an option.
For a divorcing Wheat Ridge, Colorado, spouse, the end of a marriage can seem like a never-ending struggle. A divorce can get so frustrating that a spouse is forced to relent to less than favorable terms, just to get out of the situation. While giving up can result in immediate relief, the damage from wrong decisions can have a lasting effect. Although there is no cookie cutter approach to the difficulties of a divorce, there are ways to help a spouse from throwing in the towel unnecessarily.